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European stocks open lower, eyes on German Ifo report; Dax down 0.68%

Published 04/25/2016, 03:32 AM
Updated 04/25/2016, 03:32 AM
© Reuters.  European stocks slide lower as oil prices decline, German data on tap

© Reuters. European stocks slide lower as oil prices decline, German data on tap

Investing.com - European stocks opened lower on Monday, amid declining oil prices and as investors eyed the release of German business climate data due later in the trading session.

During European morning trade, the EURO STOXX 50 dropped 0.52%, France’s CAC 40 slid 0.60%, while Germany’s DAX 30 declined 0.68%.

Energy-related stocks were hit as oil prices moved lower on Monday, after hovering near five-month highs on Friday.

Energy stocks were broadly lower, as French oil and gas major Total SA (PA:TOTF) slid 0.57% and Italy’s ENI (MI:ENI) SpA tumbled 1.27%, while Norwegian rival Statoil ASA (OL:STL) lost 1.44%.

Financial stocks were mixed, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) retreated 0.48% and 0.57%, while Germany’s Commerzbank (DE:CBKG) jumped 1.24% and Deutsche Bank (DE:DBKGn) fell 0.24%.

Among peripheral lenders, Intesa Sanpaolo (MI:ISP) eased 0.08% and Unicredit (MI:CRDI) gained 0.40% in Italy, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) added 0.14% and 0.56%.

Elsewhere, Philips Kon (AS:PHG) plummeted 4.21% even after saying first-quarter earnings beat analysts’ expectations. The Dutch company also said it will likely seek an initial public offering of shares for its lighting division, which, alone, would be the world's largest lighting maker.

In London, commodity-heavy FTSE 100 slid 0.34%, weighed by sharp losses in the mining sector.

Shares in Antofagasta (LON:ANTO) tumbled 2% and Anglo American (LON:AAL) lost 2.54%, while Glencore (LON:GLEN) and Rio Tinto (LON:RIO) dove 2.61% and 3.19% respectively.

Financial stocks were steady to lower, as Barclays (LON:BARC) and Lloyds Banking (LON:LLOY) dipped 0.01% and 0.03%, while the Royal Bank of Scotland (LON:RBS) slipped 0.12% and HSBC Holdings (LON:HSBA) dropped 0.54%.

Meanwhile, shares in Tui AG NA (LON:TUIT) rallied 1.88% amid reports buyout firm Cinven Ltd. is the leading bidder to acquire the company’s online hotel booking business Hotelbeds Group.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.35% loss, S&P 500 futures a 0.38% decline, while the Nasdaq 100 futures indicated a 0.38% slide.

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